OHIOS RECOVERY HAS TRACKED THE RECOVERY STARTED WELL BEFORE - PowerPoint PPT Presentation

OHIO’S RECOVERY HAS TRACKED THE RECOVERY STARTED WELL BEFORE NATIONAL RECOVERY GOV KASICH’S FIRST BUDGET

U.S. JOB-GROWTH RATE 2.3 % OHIO JOB-GROWTH RATE 1.2 %

U.S. MEDIAN HOUSEHOLD INCOME $51,939 % OHIO MEDIAN HOUSEHOLD INCOME $46,398

“ 1 out of every 4 families in Ohio temporarily fall into poverty because of unanticipated crisis and the lack of financial cushion”

MORE REGRESSIVE THAN EVER ANOTHER TAX SHIFT THAT FAVORS THOSE AT THE TOP

RAISES TAXES BY CUTS TAXES BY $5.2 Billion $5.7 Billion 23% Income Tax Cut Expands, Raises Sales Tax to 6.25% $2.4 billion $4.6 billion Raises Cigarette Tax by $1 per Pack $991 million Expands Personal Exemption $372 million Raises CAT from .26 to .32% Eliminates tax for pass-though $691 million entities for businesses Raises Severance Tax to 6.5% $696 million $325 million

SCHOOL FUNDING Only $464 million net increase in state aid to schools out of a record-sized GRF budget of $72 billion

COMMUNITY IMPACTS Over the last four years, Ohio communities have been cut by an estimated $1.5 billion. However, in this record-setting $72 billion budget they see little relief.

1. FAVORS THOSE AT THE TOP 2. TAX SHIFT DOESN’T MAKE SENSE BUT LEAVES MORE AND MORE FOR JOB CREATORS OR MIDDLE OHIOANS BEHIND CLASS FAMILIES 3. SUPPORT FOR SCHOOLS DOESN’T PASS THE GRADE, CUTS CONTINUE TO HURT LOCAL COMMUNITIES